|
Who decides on the type of insurance, the mortgage company or me?
You do. The mortgage company collects a set amount from you each month in order to protect their investment. This money is put in escrow and covers your insurance and taxes. However, the policy is still yours and you select the insurance you feel offers the best coverage at the best rates.
What are some coverages I might not think to ask about?
Back up of sewers and drains is one coverage everyone should ask their agent about. Some insurance companies have limited this valuable coverage so be careful as to what your policy covers.
Jewelry, furs, silver, coin and stamp collections, firearms, fine arts and antiques have either limitations under the standard homeowners policy or for other reasons are best insured under a rider. Ask us and we will discuss this with you in detail.
Are floods, earthquakes, and other natural disasters covered?
Most catastrophes are covered. Flood and earthquake damage, however, are not covered by a standard policy and both perils are more common than many people realize. We can advise you on such normally excluded conditions as floods and earthquakes and provide coverage for them if you choose.
Are there exclusions I should know about?
Exclusions listed and defined in your policy might include neglect, maintenance, intentional loss, “earth movement,” general power failure, and even damage caused by war. If you fail to take care of your property (e.g., a leaky roof), you might not be covered. Obviously, if you intend to lose an object or damage your property, there’s no coverage.
|
